Wednesday,31 January 2024 08:21:00

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Wednesday,31 January 2024 at 08:21

UK & European stocks edged higher at the open as investors eyed the latest policy announcement from the US Federal Reserve.

Asian stocks were mixed as markets awaited a decision on interest rates by the Federal Reserve, while China reported manufacturing contracted in January for a fourth straight month.

Gold prices were headed for their first monthly dip in four as investors tempered their bets of swift and deep rate cuts in the U.S. in the light of a resilient economy, and also awaited remarks from the Federal Reserve due later in the day.

Oil prices edged off in early Asian trading on continued bearish fundamentals, following gains in the previous session amid an escalating conflict in the Middle East.

In corporate news, De Beers, the diamond division of mining giant Anglo American, has reported encouraging further signs of stabilisation in the diamond market after a big jump in revenues from its first sales tender of the new financial year.

The company said it sold $370m of rough diamonds in the cycle one tender, down from $454m in same cycle one tender last year but well ahead of the $137m sold in the last sales cycle of 2023.

Markets

08:15

FTSE 100 7,650 (-0.21%)

FTSE 250 19,292 (-0.29%)

DAX 16,975 +0.02%

the close

Dow Jones 38,467 +0.35%

S&P 500 4,924 (-0.06%)

NASDAQ 15,509 (-0.76%)

Fixed Income

UK 10-YR YIELD 3.863

Exchange Rates

GBP/USD 1.267

GBP/EUR 1.172

Commodities

Gold $2,037 +0.04%

Brent $82.14 (-0.27%)

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.